1) 1% of int on TDS from the date on which tax was deductible to the date on which tax is actually deducted 2) 1.5% from the date on which tax was actually deducted to the date on which tax is actually paid.
now my question is amt paid to the contractor on 20.6.2013 but TDS not deducted.IF CO.WANTS TO PAY NOW,THEN CAN I CALCULATE AT 1% ONLY AND PAY ACCORDINGLY
20 September 2014
Yes, if company deduct tax now (in the month of september-2014) and deposit on or before 07.10.2014 the interest will be applicable @1% p.m.
20 September 2014
actually no. If you deduct in September but deposit in October. then interest at 1.5 pm shall become applicable from the date of deduction to date of deposit! So deduct and deposit immediately on the same day.
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